Right now- the only drawback is the worse your score, the more interest and the more the down payment needed. Generally if you are lower than around 640, dealers expect you to pay at least dmv and the taxes, so it's not coming out of their pocket (understandably) Most smaller lots will carry the rest if you have income and have been on the job for 6 mos, etc, but interest will obviously not be a prime loan. You may also be limited as far as selection. many places specialize in bad credit but don't have all the choices of other lots. You may have to go to an independent vs a large one banner dealer or get a co signer for something brand new. Got to have that down though for a lower score and if it is still on your report, your score is bound to be lower.
yes
There are several benefits of an FHA home loan refinancing. An FHA home loan is one of the easiest to qualify for. If for some reason you decide to sell your home, the buyer of your home can then take on your loan, leaving you with less money to pay in the end. This is called being assumable. Even if you have filed bankruptcy or have gone through a bankruptcy, you can still qualify for most FHA home loans.
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
10 years. If you are interested in buying a home you have to wait at least 24 months from the date it was released/discharged in order to qualify for a home loan. So, though it takes 10 years for a bankruptcy to be removed from your credit profile you can qualify for a home loan in as little as 2 years from the Date of Release or Date of Discharge.
A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.
One might qualify for an auto loan with bad credit by applying for dealer financing. It is best for one to know their credit score before applying for an auto loan.
yes you can get a auto loan without a license but you can not get auto insurance with out one and you can't complete the loan closing without insurance.
You will be responsible for the loan payments
yes
Absolutely.
Consumers looking for a way to get an auto loan with a bankruptcy on their record may consider payday loans to meet their needs. Payday loans are unsecured loans meant to help out those who need cash fast, and who do not have a good credit score. These loan companies do not check their customers credit score, and even a repossession or bankruptcy will have no bearing on the eligibility of the loan. For those looking to get an auto loan when dealing with a bankruptcy, a payday loan my be the type of company that can really help out.
The loan becomes at worst like a single-signer loan. You are free to refinance or pay it off. Which you were, anyway. The only entity affected by the bankruptcy of a cosigner on a loan is the lender.
There are several benefits of an FHA home loan refinancing. An FHA home loan is one of the easiest to qualify for. If for some reason you decide to sell your home, the buyer of your home can then take on your loan, leaving you with less money to pay in the end. This is called being assumable. Even if you have filed bankruptcy or have gone through a bankruptcy, you can still qualify for most FHA home loans.
Most banks will not offer auto loans for people who are facing bankruptcy. It is a very bad idea for a bank to offer any kind of loan to someone who cannot pay it back.
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
To qualify for an auto loan you will need a job that pays well enough that you can afford the payment and be on the job for a while, usually one year or longer. Additionally you will have to have some decent credit.
If you have recently declared bankruptcy, you may be surprised to receive an offer for auto loans bankruptcy that promises you quick approval despite your financial status. Chances are that this offer is either an outright scam or a very limited loan at high interest with many restrictions. Auto loans bankruptcy are almost never offered by reputable lenders, and usually what you are really receiving is a solicitation from a credit advisor who may even demand a fee before searching for what he claims is an approved auto loan. Basically, auto loans bankruptcy are rarely available - so borrower, beware!